The great depression was caused by the loss of all the savings of many stocks on wall street. It all began on "Black Thursday", October 24 1929 where the New York stock exchange experienced a 30% decrease in its average value compared to industrial standards, as well as the very day that the roaring twenties ended. The crash was devastating, thousands of people lost their fortunes and became poor, and it is rumored that there was a large jump in the amount of suicides that year. The estimated drop in stocks that same year was estimated to be about $30 billion which was 30% of the whole GDP. However these events brought stronger enforcement of safety within stocks, as well as the future creation, as well as the Securities and Exchange commission in order to prevent investors from fraud. The mistakes made at this point in time have fueled a stronger understanding of how the economy works, as well as awareness of financial panics that can occur.
Introduction To The Great Depression
The great depression was caused by the loss of all the savings of many stocks on wall street. It all began on "Black Thursday", October 24 1929 where the New York stock exchange experienced a 30% decrease in its average value compared to industrial standards, as well as the very day that the roaring twenties ended. The crash was devastating, thousands of people lost their fortunes and became poor, and it is rumored that there was a large jump in the amount of suicides that year. The estimated drop in stocks that same year was estimated to be about $30 billion which was 30% of the whole GDP. However these events brought stronger enforcement of safety within stocks, as well as the future creation, as well as the Securities and Exchange commission in order to prevent investors from fraud. The mistakes made at this point in time have fueled a stronger understanding of how the economy works, as well as awareness of financial panics that can occur.